Stake named an approved operator by Brazil’s Ministry of Finance

Global sports betting and gaming company Stake.com has been granted entry to the list of approved operators in Brazil.

The Ministry of Finance in Brazil has been adding names of companies that are allowed to run gambling products in the country to a newly-created list, as Stake will now do through its local subsidiary, Stake Brazil Ltd, Casino Guru News learned in an email press release.

Stake prepares for growth in the exciting Brazilian market

As an officially authorized operator in the country, the company is set to build up and expand, while awaiting a full license to follow at a later date. The Ministry of Finance is the body charged with granting licenses in Brazil and overseeing the fast-expanding iGaming and sports betting in the market. Commenting on this development, Stake said:

"While the Ministry of Finance is in the process of evaluating a full licence application, Stake’s inclusion on the authorised operator list will allow Stake Brazil to continue offering the best-in-class gaming and betting experience that local consumers have come to expect."

Unregulated operators were given a short deadline to leave the country by October 1 or face regulatory action. Stake has long been interested in the Latin American region and the Stake Brazil brand will seek to only capitalize on the thriving local ecosystem of games and opportunities, bringing both best-in-class online casino titles and sports betting options.

Building blocks of local success already in place

The company already plans to introduce a new office space in São Paulo and Stake has been building its local partnership through fan-focused tie-ups with popular athletes such as Alex Pereira and Alexandre Pantoja. Clearing this last hurdle makes it so that the company can fully focus on growth.

Stake is also looking to appoint its first country manager, with the company recently sharing a LinkedIn post in which it said that the position is vacant and that the firm is looking for a candidate with a "minimum" of three years of experience.

In the meantime, the list of websites approved by the Ministry of Finance has grown to some 100-odd operators, totaling more than 200 brands.

Stake has been growing its offering and global footprint at a rapid clip. Several weeks ago, the company introduced its first poker vertical, a bid to break into yet another area of the online entertainment experience.

The company also teamed up with BetBlocker to provide its growing player bases with more advanced responsible gambling tools and screening.

Image credit: Unsplash.com